If you are facing a significant premium because your lease in Upton has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Upton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Upton property value

Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Upton. Clearly, the term of lease left reduces as time goes by. This is often ignored and only raises itself as an issue when the flat or house needs to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension. Eligible leaseholders in Upton have the legal entitlement to extend the lease for an additional 90 years in accordance with the 1993 Leasehold Reform Act. Do give careful attention before putting off your Upton lease extension. Putting off the cost now only increases the price you will ultimately have to pay to extend your lease

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lenders may not lend with a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now expect flats to have a minimum of sixty if not seventy years left at the end of the mortgage. As plenty of flats in Upton were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

Lender	Requirement
Barnsley Building Society	60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Santander	If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided. We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
Skipton Building Society	85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary
Virgin	85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society	85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Upton?

Lease extensions in Upton can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Upton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Upton Lease Extension Example Cases:

Connor, Upton, Merseyside,

Connor owned a conversion flat in Upton being marketed with a lease of just over 72 years unexpired. Connor informally spoke with his landlord a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £100 per annum. No ground rent would be payable on a lease extension were Connor to invoke his statutory right. Connor procured expert legal guidance and secured satisfactory deal informally and ending up with a market value flat.

Upton case:

Mrs Rachael Nguyen was assigned a lease of a recently refurbished apartment in Upton in January 1996. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by a further 90 years. Similar flats in Upton with 100 year plus lease were in the region of £270,000. The average amount of ground rent was £55 billed yearly. The lease expired on 25 May 2101. Having 75 years outstanding we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus professional charges.

Decision in Bexley

An example of a Lease Extension case for a Upton flat is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The remaining number of years on the lease was 76 years.

Stop! Your Lease Extension in Upton Could Be FREE